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Second Mortgage Calculator

Second Mortgage Calculator to calculate the mortgage payment for your 2nd home mortgage. The 2nd Mortgage Calculator will show if it is worth it to get a second mortgage rather than paying for private mortgage insurance or PMI.

2nd Mortgage Calculator
Home Value
 $
Second Mortgage Type
Down Payment
Mortgage Amount
 $
Property Tax (Yearly)
Home Insurance (Yearly)
PMI (Yearly)
Other Fees (Yearly)
Mortgage 1 Terms
Mortgage 1 Interest Rate
Mortgage 2 Terms
Mortgage 2 Interest Rate
First Payment Date

Should I Get a Second Mortgage?

The second mortgage has a higher monthly payment, but you will save $11,125.50 in interest payments after PMI is taken into account.



Mortgage With PMI vs. Second Mortgage
Mortgage Mortgage 1 Mortgage 2
Mortgage Amount: $585,000.00 $520,000.00 $65,000.00
Down Payment: $65,000.00 $65,000.00 $0
Monthly Principal & Interest: $3,563.98 $3,167.99 $488.32
Monthly Property Tax: $233.33 $233.33 $0
Monthly Home Insurance: $60.42 $60.42 $0
Monthly PMI: (Until May, 2031) $487.50 $0 $0
Monthly Other Fees: $0.00 $0.00 $0
Total Monthly Payment:
$4,345.23
 $3,949.24(Loan1) + $488.32(Loan2) = $4,437.56
Total PMI Paid: $44,362.50 $0 $0
Total Interest Paid: $698,034.50 $620,475.11 $110,796.39
Total PMI + Interest Paid:
$742,397.00
 $731,271.50 (Loan1 + Loan2)

Mortgage Calculator With PMI
Home Value: $650,000.00
Mortgage Amount: $585,000.00
Monthly Principal & Interest: $3,563.98
Monthly Property Tax: $233.33
Monthly Home Insurance: $60.42
Monthly PMI: (Until May, 2031) $487.50
Monthly Other Fees: $0.00
Total Monthly Payment:
$4,345.23
Total # Of Payments: 360
Start Date: Nov, 2023
Payoff Date: Oct, 2053
Down Payment: $65,000.00
Principal: $585,000.00
Total Interest Paid: $698,034.50
Total Tax, Insurance, PMI and Fees: $150,112.50
Total of all Payments:
$1,498,147.00

Second Mortgage Amortization Schedule
Payment Date Payment # Interest Principal Tax, Insurance, PMI & Fees Total Payment Balance
Nov, 2023 1 $2,998.13 $565.86 $781.25 $4,345.23 $584,434.14
Dec, 2023 2 $2,995.22 $568.76 $781.25 $4,345.23 $583,865.38
Jan, 2024 3 $2,992.31 $571.67 $781.25 $4,345.23 $583,293.71
Feb, 2024 4 $2,989.38 $574.60 $781.25 $4,345.23 $582,719.10
Mar, 2024 5 $2,986.44 $577.55 $781.25 $4,345.23 $582,141.55
Apr, 2024 6 $2,983.48 $580.51 $781.25 $4,345.23 $581,561.04
May, 2024 7 $2,980.50 $583.48 $781.25 $4,345.23 $580,977.56
Jun, 2024 8 $2,977.51 $586.47 $781.25 $4,345.23 $580,391.08
Jul, 2024 9 $2,974.50 $589.48 $781.25 $4,345.23 $579,801.60
Aug, 2024 10 $2,971.48 $592.50 $781.25 $4,345.23 $579,209.10
Sep, 2024 11 $2,968.45 $595.54 $781.25 $4,345.23 $578,613.56
Oct, 2024 12 $2,965.39 $598.59 $781.25 $4,345.23 $578,014.97
Nov, 2024 13 $2,962.33 $601.66 $781.25 $4,345.23 $577,413.32
Dec, 2024 14 $2,959.24 $604.74 $781.25 $4,345.23 $576,808.57
Jan, 2025 15 $2,956.14 $607.84 $781.25 $4,345.23 $576,200.73
Feb, 2025 16 $2,953.03 $610.96 $781.25 $4,345.23 $575,589.78
Mar, 2025 17 $2,949.90 $614.09 $781.25 $4,345.23 $574,975.69
Apr, 2025 18 $2,946.75 $617.23 $781.25 $4,345.23 $574,358.46
May, 2025 19 $2,943.59 $620.40 $781.25 $4,345.23 $573,738.06
Jun, 2025 20 $2,940.41 $623.58 $781.25 $4,345.23 $573,114.48
Jul, 2025 21 $2,937.21 $626.77 $781.25 $4,345.23 $572,487.71
Aug, 2025 22 $2,934.00 $629.99 $781.25 $4,345.23 $571,857.72
Sep, 2025 23 $2,930.77 $633.21 $781.25 $4,345.23 $571,224.51
Oct, 2025 24 $2,927.53 $636.46 $781.25 $4,345.23 $570,588.05
Nov, 2025 25 $2,924.26 $639.72 $781.25 $4,345.23 $569,948.33
Dec, 2025 26 $2,920.99 $643.00 $781.25 $4,345.23 $569,305.33
Jan, 2026 27 $2,917.69 $646.29 $781.25 $4,345.23 $568,659.03
Feb, 2026 28 $2,914.38 $649.61 $781.25 $4,345.23 $568,009.43
Mar, 2026 29 $2,911.05 $652.94 $781.25 $4,345.23 $567,356.49
Apr, 2026 30 $2,907.70 $656.28 $781.25 $4,345.23 $566,700.21
May, 2026 31 $2,904.34 $659.65 $781.25 $4,345.23 $566,040.56
Jun, 2026 32 $2,900.96 $663.03 $781.25 $4,345.23 $565,377.53
Jul, 2026 33 $2,897.56 $666.42 $781.25 $4,345.23 $564,711.11
Aug, 2026 34 $2,894.14 $669.84 $781.25 $4,345.23 $564,041.27
Sep, 2026 35 $2,890.71 $673.27 $781.25 $4,345.23 $563,368.00
Oct, 2026 36 $2,887.26 $676.72 $781.25 $4,345.23 $562,691.27
Nov, 2026 37 $2,883.79 $680.19 $781.25 $4,345.23 $562,011.08
Dec, 2026 38 $2,880.31 $683.68 $781.25 $4,345.23 $561,327.40
Jan, 2027 39 $2,876.80 $687.18 $781.25 $4,345.23 $560,640.22
Feb, 2027 40 $2,873.28 $690.70 $781.25 $4,345.23 $559,949.52
Mar, 2027 41 $2,869.74 $694.24 $781.25 $4,345.23 $559,255.27
Apr, 2027 42 $2,866.18 $697.80 $781.25 $4,345.23 $558,557.47
May, 2027 43 $2,862.61 $701.38 $781.25 $4,345.23 $557,856.09
Jun, 2027 44 $2,859.01 $704.97 $781.25 $4,345.23 $557,151.12
Jul, 2027 45 $2,855.40 $708.59 $781.25 $4,345.23 $556,442.54
Aug, 2027 46 $2,851.77 $712.22 $781.25 $4,345.23 $555,730.32
Sep, 2027 47 $2,848.12 $715.87 $781.25 $4,345.23 $555,014.45
Oct, 2027 48 $2,844.45 $719.54 $781.25 $4,345.23 $554,294.92
Nov, 2027 49 $2,840.76 $723.22 $781.25 $4,345.23 $553,571.69
Dec, 2027 50 $2,837.05 $726.93 $781.25 $4,345.23 $552,844.76
Jan, 2028 51 $2,833.33 $730.66 $781.25 $4,345.23 $552,114.11
Feb, 2028 52 $2,829.58 $734.40 $781.25 $4,345.23 $551,379.71
Mar, 2028 53 $2,825.82 $738.16 $781.25 $4,345.23 $550,641.55
Apr, 2028 54 $2,822.04 $741.95 $781.25 $4,345.23 $549,899.60
May, 2028 55 $2,818.24 $745.75 $781.25 $4,345.23 $549,153.85
Jun, 2028 56 $2,814.41 $749.57 $781.25 $4,345.23 $548,404.28
Jul, 2028 57 $2,810.57 $753.41 $781.25 $4,345.23 $547,650.87
Aug, 2028 58 $2,806.71 $757.27 $781.25 $4,345.23 $546,893.59
Sep, 2028 59 $2,802.83 $761.16 $781.25 $4,345.23 $546,132.44
Oct, 2028 60 $2,798.93 $765.06 $781.25 $4,345.23 $545,367.38
Nov, 2028 61 $2,795.01 $768.98 $781.25 $4,345.23 $544,598.40
Dec, 2028 62 $2,791.07 $772.92 $781.25 $4,345.23 $543,825.49
Jan, 2029 63 $2,787.11 $776.88 $781.25 $4,345.23 $543,048.61
Feb, 2029 64 $2,783.12 $780.86 $781.25 $4,345.23 $542,267.75
Mar, 2029 65 $2,779.12 $784.86 $781.25 $4,345.23 $541,482.88
Apr, 2029 66 $2,775.10 $788.88 $781.25 $4,345.23 $540,694.00
May, 2029 67 $2,771.06 $792.93 $781.25 $4,345.23 $539,901.07
Jun, 2029 68 $2,766.99 $796.99 $781.25 $4,345.23 $539,104.08
Jul, 2029 69 $2,762.91 $801.08 $781.25 $4,345.23 $538,303.00
Aug, 2029 70 $2,758.80 $805.18 $781.25 $4,345.23 $537,497.82
Sep, 2029 71 $2,754.68 $809.31 $781.25 $4,345.23 $536,688.51
Oct, 2029 72 $2,750.53 $813.46 $781.25 $4,345.23 $535,875.06
Nov, 2029 73 $2,746.36 $817.63 $781.25 $4,345.23 $535,057.43
Dec, 2029 74 $2,742.17 $821.82 $781.25 $4,345.23 $534,235.62
Jan, 2030 75 $2,737.96 $826.03 $781.25 $4,345.23 $533,409.59
Feb, 2030 76 $2,733.72 $830.26 $781.25 $4,345.23 $532,579.33
Mar, 2030 77 $2,729.47 $834.52 $781.25 $4,345.23 $531,744.81
Apr, 2030 78 $2,725.19 $838.79 $781.25 $4,345.23 $530,906.02
May, 2030 79 $2,720.89 $843.09 $781.25 $4,345.23 $530,062.93
Jun, 2030 80 $2,716.57 $847.41 $781.25 $4,345.23 $529,215.52
Jul, 2030 81 $2,712.23 $851.76 $781.25 $4,345.23 $528,363.76
Aug, 2030 82 $2,707.86 $856.12 $781.25 $4,345.23 $527,507.64
Sep, 2030 83 $2,703.48 $860.51 $781.25 $4,345.23 $526,647.13
Oct, 2030 84 $2,699.07 $864.92 $781.25 $4,345.23 $525,782.21
Nov, 2030 85 $2,694.63 $869.35 $781.25 $4,345.23 $524,912.86
Dec, 2030 86 $2,690.18 $873.81 $781.25 $4,345.23 $524,039.06
Jan, 2031 87 $2,685.70 $878.28 $781.25 $4,345.23 $523,160.77
Feb, 2031 88 $2,681.20 $882.79 $781.25 $4,345.23 $522,277.99
Mar, 2031 89 $2,676.67 $887.31 $781.25 $4,345.23 $521,390.68
Apr, 2031 90 $2,672.13 $891.86 $781.25 $4,345.23 $520,498.82
May, 2031 91 $2,667.56 $896.43 $781.25 $4,345.23 $519,602.39
Jun, 2031 92 $2,662.96 $901.02 $293.75 $3,857.73 $518,701.37
Jul, 2031 93 $2,658.34 $905.64 $293.75 $3,857.73 $517,795.73
Aug, 2031 94 $2,653.70 $910.28 $293.75 $3,857.73 $516,885.45
Sep, 2031 95 $2,649.04 $914.95 $293.75 $3,857.73 $515,970.50
Oct, 2031 96 $2,644.35 $919.64 $293.75 $3,857.73 $515,050.86
Nov, 2031 97 $2,639.64 $924.35 $293.75 $3,857.73 $514,126.51
Dec, 2031 98 $2,634.90 $929.09 $293.75 $3,857.73 $513,197.43
Jan, 2032 99 $2,630.14 $933.85 $293.75 $3,857.73 $512,263.58
Feb, 2032 100 $2,625.35 $938.63 $293.75 $3,857.73 $511,324.95
Mar, 2032 101 $2,620.54 $943.44 $293.75 $3,857.73 $510,381.50
Apr, 2032 102 $2,615.71 $948.28 $293.75 $3,857.73 $509,433.22
May, 2032 103 $2,610.85 $953.14 $293.75 $3,857.73 $508,480.08
Jun, 2032 104 $2,605.96 $958.02 $293.75 $3,857.73 $507,522.06
Jul, 2032 105 $2,601.05 $962.93 $293.75 $3,857.73 $506,559.12
Aug, 2032 106 $2,596.12 $967.87 $293.75 $3,857.73 $505,591.26
Sep, 2032 107 $2,591.16 $972.83 $293.75 $3,857.73 $504,618.43
Oct, 2032 108 $2,586.17 $977.82 $293.75 $3,857.73 $503,640.61
Nov, 2032 109 $2,581.16 $982.83 $293.75 $3,857.73 $502,657.78
Dec, 2032 110 $2,576.12 $987.86 $293.75 $3,857.73 $501,669.92
Jan, 2033 111 $2,571.06 $992.93 $293.75 $3,857.73 $500,676.99
Feb, 2033 112 $2,565.97 $998.02 $293.75 $3,857.73 $499,678.98
Mar, 2033 113 $2,560.85 $1,003.13 $293.75 $3,857.73 $498,675.85
Apr, 2033 114 $2,555.71 $1,008.27 $293.75 $3,857.73 $497,667.58
May, 2033 115 $2,550.55 $1,013.44 $293.75 $3,857.73 $496,654.14
Jun, 2033 116 $2,545.35 $1,018.63 $293.75 $3,857.73 $495,635.51
Jul, 2033 117 $2,540.13 $1,023.85 $293.75 $3,857.73 $494,611.65
Aug, 2033 118 $2,534.88 $1,029.10 $293.75 $3,857.73 $493,582.55
Sep, 2033 119 $2,529.61 $1,034.37 $293.75 $3,857.73 $492,548.18
Oct, 2033 120 $2,524.31 $1,039.68 $293.75 $3,857.73 $491,508.51
Nov, 2033 121 $2,518.98 $1,045.00 $293.75 $3,857.73 $490,463.50
Dec, 2033 122 $2,513.63 $1,050.36 $293.75 $3,857.73 $489,413.14
Jan, 2034 123 $2,508.24 $1,055.74 $293.75 $3,857.73 $488,357.40
Feb, 2034 124 $2,502.83 $1,061.15 $293.75 $3,857.73 $487,296.25
Mar, 2034 125 $2,497.39 $1,066.59 $293.75 $3,857.73 $486,229.66
Apr, 2034 126 $2,491.93 $1,072.06 $293.75 $3,857.73 $485,157.60
May, 2034 127 $2,486.43 $1,077.55 $293.75 $3,857.73 $484,080.05
Jun, 2034 128 $2,480.91 $1,083.07 $293.75 $3,857.73 $482,996.97
Jul, 2034 129 $2,475.36 $1,088.63 $293.75 $3,857.73 $481,908.35
Aug, 2034 130 $2,469.78 $1,094.20 $293.75 $3,857.73 $480,814.14
Sep, 2034 131 $2,464.17 $1,099.81 $293.75 $3,857.73 $479,714.33
Oct, 2034 132 $2,458.54 $1,105.45 $293.75 $3,857.73 $478,608.88
Nov, 2034 133 $2,452.87 $1,111.11 $293.75 $3,857.73 $477,497.77
Dec, 2034 134 $2,447.18 $1,116.81 $293.75 $3,857.73 $476,380.96
Jan, 2035 135 $2,441.45 $1,122.53 $293.75 $3,857.73 $475,258.42
Feb, 2035 136 $2,435.70 $1,128.29 $293.75 $3,857.73 $474,130.14
Mar, 2035 137 $2,429.92 $1,134.07 $293.75 $3,857.73 $472,996.07
Apr, 2035 138 $2,424.10 $1,139.88 $293.75 $3,857.73 $471,856.19
May, 2035 139 $2,418.26 $1,145.72 $293.75 $3,857.73 $470,710.47
Jun, 2035 140 $2,412.39 $1,151.59 $293.75 $3,857.73 $469,558.88
Jul, 2035 141 $2,406.49 $1,157.50 $293.75 $3,857.73 $468,401.38
Aug, 2035 142 $2,400.56 $1,163.43 $293.75 $3,857.73 $467,237.95
Sep, 2035 143 $2,394.59 $1,169.39 $293.75 $3,857.73 $466,068.56
Oct, 2035 144 $2,388.60 $1,175.38 $293.75 $3,857.73 $464,893.18
Nov, 2035 145 $2,382.58 $1,181.41 $293.75 $3,857.73 $463,711.77
Dec, 2035 146 $2,376.52 $1,187.46 $293.75 $3,857.73 $462,524.31
Jan, 2036 147 $2,370.44 $1,193.55 $293.75 $3,857.73 $461,330.76
Feb, 2036 148 $2,364.32 $1,199.66 $293.75 $3,857.73 $460,131.10
Mar, 2036 149 $2,358.17 $1,205.81 $293.75 $3,857.73 $458,925.29
Apr, 2036 150 $2,351.99 $1,211.99 $293.75 $3,857.73 $457,713.29
May, 2036 151 $2,345.78 $1,218.20 $293.75 $3,857.73 $456,495.09
Jun, 2036 152 $2,339.54 $1,224.45 $293.75 $3,857.73 $455,270.64
Jul, 2036 153 $2,333.26 $1,230.72 $293.75 $3,857.73 $454,039.92
Aug, 2036 154 $2,326.95 $1,237.03 $293.75 $3,857.73 $452,802.89
Sep, 2036 155 $2,320.61 $1,243.37 $293.75 $3,857.73 $451,559.52
Oct, 2036 156 $2,314.24 $1,249.74 $293.75 $3,857.73 $450,309.78
Nov, 2036 157 $2,307.84 $1,256.15 $293.75 $3,857.73 $449,053.63
Dec, 2036 158 $2,301.40 $1,262.58 $293.75 $3,857.73 $447,791.04
Jan, 2037 159 $2,294.93 $1,269.06 $293.75 $3,857.73 $446,521.99
Feb, 2037 160 $2,288.43 $1,275.56 $293.75 $3,857.73 $445,246.43
Mar, 2037 161 $2,281.89 $1,282.10 $293.75 $3,857.73 $443,964.33
Apr, 2037 162 $2,275.32 $1,288.67 $293.75 $3,857.73 $442,675.67
May, 2037 163 $2,268.71 $1,295.27 $293.75 $3,857.73 $441,380.39
Jun, 2037 164 $2,262.07 $1,301.91 $293.75 $3,857.73 $440,078.48
Jul, 2037 165 $2,255.40 $1,308.58 $293.75 $3,857.73 $438,769.90
Aug, 2037 166 $2,248.70 $1,315.29 $293.75 $3,857.73 $437,454.61
Sep, 2037 167 $2,241.95 $1,322.03 $293.75 $3,857.73 $436,132.58
Oct, 2037 168 $2,235.18 $1,328.81 $293.75 $3,857.73 $434,803.78
Nov, 2037 169 $2,228.37 $1,335.62 $293.75 $3,857.73 $433,468.16
Dec, 2037 170 $2,221.52 $1,342.46 $293.75 $3,857.73 $432,125.70
Jan, 2038 171 $2,214.64 $1,349.34 $293.75 $3,857.73 $430,776.36
Feb, 2038 172 $2,207.73 $1,356.26 $293.75 $3,857.73 $429,420.10
Mar, 2038 173 $2,200.78 $1,363.21 $293.75 $3,857.73 $428,056.90
Apr, 2038 174 $2,193.79 $1,370.19 $293.75 $3,857.73 $426,686.70
May, 2038 175 $2,186.77 $1,377.22 $293.75 $3,857.73 $425,309.49
Jun, 2038 176 $2,179.71 $1,384.27 $293.75 $3,857.73 $423,925.22
Jul, 2038 177 $2,172.62 $1,391.37 $293.75 $3,857.73 $422,533.85
Aug, 2038 178 $2,165.49 $1,398.50 $293.75 $3,857.73 $421,135.35
Sep, 2038 179 $2,158.32 $1,405.67 $293.75 $3,857.73 $419,729.68
Oct, 2038 180 $2,151.11 $1,412.87 $293.75 $3,857.73 $418,316.81
Nov, 2038 181 $2,143.87 $1,420.11 $293.75 $3,857.73 $416,896.70
Dec, 2038 182 $2,136.60 $1,427.39 $293.75 $3,857.73 $415,469.31
Jan, 2039 183 $2,129.28 $1,434.70 $293.75 $3,857.73 $414,034.61
Feb, 2039 184 $2,121.93 $1,442.06 $293.75 $3,857.73 $412,592.55
Mar, 2039 185 $2,114.54 $1,449.45 $293.75 $3,857.73 $411,143.10
Apr, 2039 186 $2,107.11 $1,456.88 $293.75 $3,857.73 $409,686.23
May, 2039 187 $2,099.64 $1,464.34 $293.75 $3,857.73 $408,221.88
Jun, 2039 188 $2,092.14 $1,471.85 $293.75 $3,857.73 $406,750.04
Jul, 2039 189 $2,084.59 $1,479.39 $293.75 $3,857.73 $405,270.64
Aug, 2039 190 $2,077.01 $1,486.97 $293.75 $3,857.73 $403,783.67
Sep, 2039 191 $2,069.39 $1,494.59 $293.75 $3,857.73 $402,289.08
Oct, 2039 192 $2,061.73 $1,502.25 $293.75 $3,857.73 $400,786.83
Nov, 2039 193 $2,054.03 $1,509.95 $293.75 $3,857.73 $399,276.87
Dec, 2039 194 $2,046.29 $1,517.69 $293.75 $3,857.73 $397,759.18
Jan, 2040 195 $2,038.52 $1,525.47 $293.75 $3,857.73 $396,233.71
Feb, 2040 196 $2,030.70 $1,533.29 $293.75 $3,857.73 $394,700.43
Mar, 2040 197 $2,022.84 $1,541.15 $293.75 $3,857.73 $393,159.28
Apr, 2040 198 $2,014.94 $1,549.04 $293.75 $3,857.73 $391,610.24
May, 2040 199 $2,007.00 $1,556.98 $293.75 $3,857.73 $390,053.26
Jun, 2040 200 $1,999.02 $1,564.96 $293.75 $3,857.73 $388,488.29
Jul, 2040 201 $1,991.00 $1,572.98 $293.75 $3,857.73 $386,915.31
Aug, 2040 202 $1,982.94 $1,581.04 $293.75 $3,857.73 $385,334.27
Sep, 2040 203 $1,974.84 $1,589.15 $293.75 $3,857.73 $383,745.12
Oct, 2040 204 $1,966.69 $1,597.29 $293.75 $3,857.73 $382,147.83
Nov, 2040 205 $1,958.51 $1,605.48 $293.75 $3,857.73 $380,542.35
Dec, 2040 206 $1,950.28 $1,613.71 $293.75 $3,857.73 $378,928.65
Jan, 2041 207 $1,942.01 $1,621.98 $293.75 $3,857.73 $377,306.67
Feb, 2041 208 $1,933.70 $1,630.29 $293.75 $3,857.73 $375,676.38
Mar, 2041 209 $1,925.34 $1,638.64 $293.75 $3,857.73 $374,037.74
Apr, 2041 210 $1,916.94 $1,647.04 $293.75 $3,857.73 $372,390.70
May, 2041 211 $1,908.50 $1,655.48 $293.75 $3,857.73 $370,735.22
Jun, 2041 212 $1,900.02 $1,663.97 $293.75 $3,857.73 $369,071.25
Jul, 2041 213 $1,891.49 $1,672.49 $293.75 $3,857.73 $367,398.76
Aug, 2041 214 $1,882.92 $1,681.07 $293.75 $3,857.73 $365,717.69
Sep, 2041 215 $1,874.30 $1,689.68 $293.75 $3,857.73 $364,028.01
Oct, 2041 216 $1,865.64 $1,698.34 $293.75 $3,857.73 $362,329.67
Nov, 2041 217 $1,856.94 $1,707.05 $293.75 $3,857.73 $360,622.62
Dec, 2041 218 $1,848.19 $1,715.79 $293.75 $3,857.73 $358,906.83
Jan, 2042 219 $1,839.40 $1,724.59 $293.75 $3,857.73 $357,182.24
Feb, 2042 220 $1,830.56 $1,733.43 $293.75 $3,857.73 $355,448.82
Mar, 2042 221 $1,821.68 $1,742.31 $293.75 $3,857.73 $353,706.51
Apr, 2042 222 $1,812.75 $1,751.24 $293.75 $3,857.73 $351,955.27
May, 2042 223 $1,803.77 $1,760.21 $293.75 $3,857.73 $350,195.05
Jun, 2042 224 $1,794.75 $1,769.24 $293.75 $3,857.73 $348,425.82
Jul, 2042 225 $1,785.68 $1,778.30 $293.75 $3,857.73 $346,647.52
Aug, 2042 226 $1,776.57 $1,787.42 $293.75 $3,857.73 $344,860.10
Sep, 2042 227 $1,767.41 $1,796.58 $293.75 $3,857.73 $343,063.52
Oct, 2042 228 $1,758.20 $1,805.78 $293.75 $3,857.73 $341,257.74
Nov, 2042 229 $1,748.95 $1,815.04 $293.75 $3,857.73 $339,442.70
Dec, 2042 230 $1,739.64 $1,824.34 $293.75 $3,857.73 $337,618.36
Jan, 2043 231 $1,730.29 $1,833.69 $293.75 $3,857.73 $335,784.67
Feb, 2043 232 $1,720.90 $1,843.09 $293.75 $3,857.73 $333,941.58
Mar, 2043 233 $1,711.45 $1,852.53 $293.75 $3,857.73 $332,089.05
Apr, 2043 234 $1,701.96 $1,862.03 $293.75 $3,857.73 $330,227.02
May, 2043 235 $1,692.41 $1,871.57 $293.75 $3,857.73 $328,355.45
Jun, 2043 236 $1,682.82 $1,881.16 $293.75 $3,857.73 $326,474.28
Jul, 2043 237 $1,673.18 $1,890.80 $293.75 $3,857.73 $324,583.48
Aug, 2043 238 $1,663.49 $1,900.49 $293.75 $3,857.73 $322,682.98
Sep, 2043 239 $1,653.75 $1,910.23 $293.75 $3,857.73 $320,772.75
Oct, 2043 240 $1,643.96 $1,920.02 $293.75 $3,857.73 $318,852.73
Nov, 2043 241 $1,634.12 $1,929.86 $293.75 $3,857.73 $316,922.86
Dec, 2043 242 $1,624.23 $1,939.76 $293.75 $3,857.73 $314,983.11
Jan, 2044 243 $1,614.29 $1,949.70 $293.75 $3,857.73 $313,033.41
Feb, 2044 244 $1,604.30 $1,959.69 $293.75 $3,857.73 $311,073.72
Mar, 2044 245 $1,594.25 $1,969.73 $293.75 $3,857.73 $309,103.99
Apr, 2044 246 $1,584.16 $1,979.83 $293.75 $3,857.73 $307,124.16
May, 2044 247 $1,574.01 $1,989.97 $293.75 $3,857.73 $305,134.19
Jun, 2044 248 $1,563.81 $2,000.17 $293.75 $3,857.73 $303,134.02
Jul, 2044 249 $1,553.56 $2,010.42 $293.75 $3,857.73 $301,123.59
Aug, 2044 250 $1,543.26 $2,020.73 $293.75 $3,857.73 $299,102.87
Sep, 2044 251 $1,532.90 $2,031.08 $293.75 $3,857.73 $297,071.79
Oct, 2044 252 $1,522.49 $2,041.49 $293.75 $3,857.73 $295,030.29
Nov, 2044 253 $1,512.03 $2,051.95 $293.75 $3,857.73 $292,978.34
Dec, 2044 254 $1,501.51 $2,062.47 $293.75 $3,857.73 $290,915.87
Jan, 2045 255 $1,490.94 $2,073.04 $293.75 $3,857.73 $288,842.83
Feb, 2045 256 $1,480.32 $2,083.67 $293.75 $3,857.73 $286,759.16
Mar, 2045 257 $1,469.64 $2,094.34 $293.75 $3,857.73 $284,664.82
Apr, 2045 258 $1,458.91 $2,105.08 $293.75 $3,857.73 $282,559.74
May, 2045 259 $1,448.12 $2,115.87 $293.75 $3,857.73 $280,443.87
Jun, 2045 260 $1,437.27 $2,126.71 $293.75 $3,857.73 $278,317.17
Jul, 2045 261 $1,426.38 $2,137.61 $293.75 $3,857.73 $276,179.56
Aug, 2045 262 $1,415.42 $2,148.56 $293.75 $3,857.73 $274,030.99
Sep, 2045 263 $1,404.41 $2,159.58 $293.75 $3,857.73 $271,871.42
Oct, 2045 264 $1,393.34 $2,170.64 $293.75 $3,857.73 $269,700.77
Nov, 2045 265 $1,382.22 $2,181.77 $293.75 $3,857.73 $267,519.00
Dec, 2045 266 $1,371.03 $2,192.95 $293.75 $3,857.73 $265,326.05
Jan, 2046 267 $1,359.80 $2,204.19 $293.75 $3,857.73 $263,121.86
Feb, 2046 268 $1,348.50 $2,215.49 $293.75 $3,857.73 $260,906.38
Mar, 2046 269 $1,337.15 $2,226.84 $293.75 $3,857.73 $258,679.54
Apr, 2046 270 $1,325.73 $2,238.25 $293.75 $3,857.73 $256,441.29
May, 2046 271 $1,314.26 $2,249.72 $293.75 $3,857.73 $254,191.56
Jun, 2046 272 $1,302.73 $2,261.25 $293.75 $3,857.73 $251,930.31
Jul, 2046 273 $1,291.14 $2,272.84 $293.75 $3,857.73 $249,657.47
Aug, 2046 274 $1,279.49 $2,284.49 $293.75 $3,857.73 $247,372.98
Sep, 2046 275 $1,267.79 $2,296.20 $293.75 $3,857.73 $245,076.78
Oct, 2046 276 $1,256.02 $2,307.97 $293.75 $3,857.73 $242,768.82
Nov, 2046 277 $1,244.19 $2,319.79 $293.75 $3,857.73 $240,449.02
Dec, 2046 278 $1,232.30 $2,331.68 $293.75 $3,857.73 $238,117.34
Jan, 2047 279 $1,220.35 $2,343.63 $293.75 $3,857.73 $235,773.70
Feb, 2047 280 $1,208.34 $2,355.64 $293.75 $3,857.73 $233,418.06
Mar, 2047 281 $1,196.27 $2,367.72 $293.75 $3,857.73 $231,050.34
Apr, 2047 282 $1,184.13 $2,379.85 $293.75 $3,857.73 $228,670.49
May, 2047 283 $1,171.94 $2,392.05 $293.75 $3,857.73 $226,278.44
Jun, 2047 284 $1,159.68 $2,404.31 $293.75 $3,857.73 $223,874.13
Jul, 2047 285 $1,147.35 $2,416.63 $293.75 $3,857.73 $221,457.50
Aug, 2047 286 $1,134.97 $2,429.02 $293.75 $3,857.73 $219,028.49
Sep, 2047 287 $1,122.52 $2,441.46 $293.75 $3,857.73 $216,587.03
Oct, 2047 288 $1,110.01 $2,453.98 $293.75 $3,857.73 $214,133.05
Nov, 2047 289 $1,097.43 $2,466.55 $293.75 $3,857.73 $211,666.50
Dec, 2047 290 $1,084.79 $2,479.19 $293.75 $3,857.73 $209,187.30
Jan, 2048 291 $1,072.08 $2,491.90 $293.75 $3,857.73 $206,695.40
Feb, 2048 292 $1,059.31 $2,504.67 $293.75 $3,857.73 $204,190.73
Mar, 2048 293 $1,046.48 $2,517.51 $293.75 $3,857.73 $201,673.22
Apr, 2048 294 $1,033.58 $2,530.41 $293.75 $3,857.73 $199,142.82
May, 2048 295 $1,020.61 $2,543.38 $293.75 $3,857.73 $196,599.44
Jun, 2048 296 $1,007.57 $2,556.41 $293.75 $3,857.73 $194,043.03
Jul, 2048 297 $994.47 $2,569.51 $293.75 $3,857.73 $191,473.51
Aug, 2048 298 $981.30 $2,582.68 $293.75 $3,857.73 $188,890.83
Sep, 2048 299 $968.07 $2,595.92 $293.75 $3,857.73 $186,294.91
Oct, 2048 300 $954.76 $2,609.22 $293.75 $3,857.73 $183,685.69
Nov, 2048 301 $941.39 $2,622.60 $293.75 $3,857.73 $181,063.09
Dec, 2048 302 $927.95 $2,636.04 $293.75 $3,857.73 $178,427.05
Jan, 2049 303 $914.44 $2,649.55 $293.75 $3,857.73 $175,777.51
Feb, 2049 304 $900.86 $2,663.13 $293.75 $3,857.73 $173,114.38
Mar, 2049 305 $887.21 $2,676.77 $293.75 $3,857.73 $170,437.61
Apr, 2049 306 $873.49 $2,690.49 $293.75 $3,857.73 $167,747.12
May, 2049 307 $859.70 $2,704.28 $293.75 $3,857.73 $165,042.84
Jun, 2049 308 $845.84 $2,718.14 $293.75 $3,857.73 $162,324.70
Jul, 2049 309 $831.91 $2,732.07 $293.75 $3,857.73 $159,592.63
Aug, 2049 310 $817.91 $2,746.07 $293.75 $3,857.73 $156,846.55
Sep, 2049 311 $803.84 $2,760.15 $293.75 $3,857.73 $154,086.41
Oct, 2049 312 $789.69 $2,774.29 $293.75 $3,857.73 $151,312.11
Nov, 2049 313 $775.47 $2,788.51 $293.75 $3,857.73 $148,523.60
Dec, 2049 314 $761.18 $2,802.80 $293.75 $3,857.73 $145,720.80
Jan, 2050 315 $746.82 $2,817.17 $293.75 $3,857.73 $142,903.64
Feb, 2050 316 $732.38 $2,831.60 $293.75 $3,857.73 $140,072.03
Mar, 2050 317 $717.87 $2,846.12 $293.75 $3,857.73 $137,225.92
Apr, 2050 318 $703.28 $2,860.70 $293.75 $3,857.73 $134,365.22
May, 2050 319 $688.62 $2,875.36 $293.75 $3,857.73 $131,489.85
Jun, 2050 320 $673.89 $2,890.10 $293.75 $3,857.73 $128,599.75
Jul, 2050 321 $659.07 $2,904.91 $293.75 $3,857.73 $125,694.84
Aug, 2050 322 $644.19 $2,919.80 $293.75 $3,857.73 $122,775.04
Sep, 2050 323 $629.22 $2,934.76 $293.75 $3,857.73 $119,840.28
Oct, 2050 324 $614.18 $2,949.80 $293.75 $3,857.73 $116,890.48
Nov, 2050 325 $599.06 $2,964.92 $293.75 $3,857.73 $113,925.56
Dec, 2050 326 $583.87 $2,980.12 $293.75 $3,857.73 $110,945.44
Jan, 2051 327 $568.60 $2,995.39 $293.75 $3,857.73 $107,950.05
Feb, 2051 328 $553.24 $3,010.74 $293.75 $3,857.73 $104,939.31
Mar, 2051 329 $537.81 $3,026.17 $293.75 $3,857.73 $101,913.14
Apr, 2051 330 $522.30 $3,041.68 $293.75 $3,857.73 $98,871.46
May, 2051 331 $506.72 $3,057.27 $293.75 $3,857.73 $95,814.19
Jun, 2051 332 $491.05 $3,072.94 $293.75 $3,857.73 $92,741.26
Jul, 2051 333 $475.30 $3,088.69 $293.75 $3,857.73 $89,652.57
Aug, 2051 334 $459.47 $3,104.52 $293.75 $3,857.73 $86,548.05
Sep, 2051 335 $443.56 $3,120.43 $293.75 $3,857.73 $83,427.63
Oct, 2051 336 $427.57 $3,136.42 $293.75 $3,857.73 $80,291.21
Nov, 2051 337 $411.49 $3,152.49 $293.75 $3,857.73 $77,138.72
Dec, 2051 338 $395.34 $3,168.65 $293.75 $3,857.73 $73,970.07
Jan, 2052 339 $379.10 $3,184.89 $293.75 $3,857.73 $70,785.18
Feb, 2052 340 $362.77 $3,201.21 $293.75 $3,857.73 $67,583.97
Mar, 2052 341 $346.37 $3,217.62 $293.75 $3,857.73 $64,366.35
Apr, 2052 342 $329.88 $3,234.11 $293.75 $3,857.73 $61,132.25
May, 2052 343 $313.30 $3,250.68 $293.75 $3,857.73 $57,881.56
Jun, 2052 344 $296.64 $3,267.34 $293.75 $3,857.73 $54,614.22
Jul, 2052 345 $279.90 $3,284.09 $293.75 $3,857.73 $51,330.14
Aug, 2052 346 $263.07 $3,300.92 $293.75 $3,857.73 $48,029.22
Sep, 2052 347 $246.15 $3,317.83 $293.75 $3,857.73 $44,711.38
Oct, 2052 348 $229.15 $3,334.84 $293.75 $3,857.73 $41,376.54
Nov, 2052 349 $212.05 $3,351.93 $293.75 $3,857.73 $38,024.61
Dec, 2052 350 $194.88 $3,369.11 $293.75 $3,857.73 $34,655.51
Jan, 2053 351 $177.61 $3,386.38 $293.75 $3,857.73 $31,269.13
Feb, 2053 352 $160.25 $3,403.73 $293.75 $3,857.73 $27,865.40
Mar, 2053 353 $142.81 $3,421.17 $293.75 $3,857.73 $24,444.22
Apr, 2053 354 $125.28 $3,438.71 $293.75 $3,857.73 $21,005.52
May, 2053 355 $107.65 $3,456.33 $293.75 $3,857.73 $17,549.19
Jun, 2053 356 $89.94 $3,474.05 $293.75 $3,857.73 $14,075.14
Jul, 2053 357 $72.14 $3,491.85 $293.75 $3,857.73 $10,583.29
Aug, 2053 358 $54.24 $3,509.75 $293.75 $3,857.73 $7,073.55
Sep, 2053 359 $36.25 $3,527.73 $293.75 $3,857.73 $3,545.81
Oct, 2053 360 $18.17 $3,545.81 $293.75 $3,857.73 $0.00


2nd Home Mortgage Calculator

The second home mortgage calculator gives you the option to show the amortization schedule by year or month. For homeowners who own a second home or a vacation house, this 2nd home mortgage calculator is useful in calculating how much they have to pay each month and the overall costs of their second mortgage.


What Is A Second Mortgage?

A second mortgage, also known as a piggyback loan is a mortgage taken out against a property that already has a mortgage that hasn't been paid off. Since the second mortgage is a lien from the first mortgage, the mortgage amount will be lower than the first, and the interest rate is generally higher. In the case of default, the lender has the right to take control of your home. Home equity loans or home equity lines of credit are often used as second mortgages.


Why A Second Mortgage?

There are good reasons why someone would want to take out a second mortgage.

  • Payoff credit card debt - The second mortgage has a much lower interest rate than the APR of credit cards. If you owe a lot of credit card debt, getting a 2nd mortgage is an excellent way to pay off your credit card and save a lot of money on interest payments.

  • Avoid paying PMI from the first mortgage - If you are paying less than 20% on your first mortgage, you will need to pay private mortgage insurance. To avoid paying for the PMI, you can consider taking out a second mortgage.

  • Finance large purchase - If you need to buy a car or another house as an investment.

  • Home innovation - If you want to renovate your home and don't have the cash to do so, you can take out a second mortgage to cover the costs of home improvement.

  • College tuition and expenses - If you or your kids are going to college and need money for tuition and other costs, you can consider getting a second mortgage.

  • Medical bills - If you have medical bills that you can't afford to pay, you may want to get a second mortgage so that you can pay off your medical bills.

  • Starting a business - If you need money to start a business, you can use HELOC to buy equipment and other necessities or even to hire employees for your business.

  • Stocks, bonds, and other investments - If you think you can make more money with other investments than the interest that you will be paying for your second mortgage, you can consider HELOC.

  • Buying a second house - If you are thinking of buying a second house and need more money for the down payment and closing costs, you can apply for a second mortgage.


Disadvantages of second mortgages

While it is nice to have extra cash in hand, there are disadvantages to getting a second mortgage.

  • Good equity in your house - in order to get a meaningful amount of money from a second mortgage, you need to have a good chunk of equity in your home. If you just bought your house recently, you will not be able to get a second mortgage.

  • The costs might be expensive - there will be closing costs and other one-time fees such as appraisal and loan origination fees that you have to pay. You will have to calculate the fees and see if it is worth the effort to get a second mortgage.

  • Lose your home - Since the second mortgage uses your home as collateral, you may lose your home if you fail to make payments.

Should I get a second mortgage?

One of the best ways to use a second mortgage is to use it to increase the value of your home, by improving your home such as installing solar lights to reduce energy usage, upgrading the kitchen and bathroom, or increasing the finished square footage. By making improvements to your home, you maintain the equity in your house. In addition, if you are paying private mortgage insurance or PMI, an insurance that you have to pay monthly if your equity in the house is less than 20%. When the value of your home increases, you might be able to remove your PMI. Your lender will order an appraisal to reevaluate your property and see if it indeed has increased in value compared to other houses in your area. Use the PMI payoff calculator to calculate how much PMI you are paying each month and evaluate if it makes sense to apply for a second mortgage to remove the monthly mortgage insurance. Another good reason to use a second mortgage is to pay off your other high-interest credit card debts. The APR for credit cards is outrageous, so if you are falling behind in your credit card bills, by all means, get a second mortgage. On the other hand, if you are planning to use the second mortgage to buy a brand new car, high-class furniture, or other luxuries, you have to really think hard about it. Do you really need these items or can you live without them? If you want to use a second mortgage for other investment purposes such as starting a business, investing in stocks, or buying a second house, make sure you evaluate the risks and rewards of each investment and have a good understanding of the current economic conditions. When the economy is tough, people getting laid off, businesses struggling to survive, houses getting foreclosure, and stocks losing value, it could be difficult to start a new business, invest in stocks, or buy another property. Ask yourself this question, do I have the necessary experience to pursue this business opportunity or am I relying on others to make all the decisions. If your answer is the latter, you need to reevaluate your decision.



How to qualify for a second mortgage?

There are certain conditions that you need to meet in order to qualify for a second mortgage.

  • Strong income history - a strong income history is required so the lender knows that you can repay the loan.

  • High credit score - You need to have a good credit score to qualify for a second mortgage. Although some lenders may still take the risk and qualify you with a low credit score, you will end up paying a much higher interest rate.

  • Low LTV - You need to have a low debt to value ratio, no more than 43%. Lenders prefer LTV lower than 36%.

  • Good equity in your house - You may need about 20% of the equity in your house. Lenders want to see that you have good equity in your house, so in case of default, they can recoup their loss by taking control of your home.

Each lender is different, so you will have to shop around and see what's available.


How long does it take to get approval for a second mortgage?

Just like the first mortgage that you have, the second mortgage follows a similar procedure and process time to approve your loan, and the timeline will vary from lender to lender. You need to get an appraisal for your home and submit all necessary documents that your lender requested to avoid delays. It could take up to a month or even longer for your lender's underwriter to review and approve your loan. Communicate with your mortgage loan officer and see if they need additional information. Loan officers are usually busy with many loan applications, sometimes they may forget to contact you about an issue, so you may want to follow up with them from time to time so they keep you in the loop.

Second Home Mortgage Calculator
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